BE NOT A BULL, NOR A BEAR, BUT A REALIST

A bear is not (at least should not be) a permanent pessimist. Nor should a
bull always be an optimist if he is wise. Both should try hard to be realists.
You should be able to change from a bull to a bear or a bear to a bull, as
conditions change, and not be the least inconsistent. Some people are
permanent bears, and give the symbol a bad name. Permanent bears often
have a puritan ideology that sees prosperity and bullishness as some kind of
Original Sin.
Likewise, many people are always bullish, obviously without su.cient
justi.cation. The almost continual bull market from 1982 to March 2000 has
made most people permanent bulls. It has been impossible for them to accept
that any downturn is more than a short-term correction. But, in any market,
the .exible realist is the winner—the man or woman who can switch directions
overnight.
So, let it be crystal clear that a proper bear is someone who used to be a bull
but became a bear as conditions changed.